PrimeXBT Review 2023: Fees, Platform, Safety and More

Summary

PrimeXBT is an online trading platform with a presence in over 150 countries. They offer a large variety of CFD instruments, including 45+ currency pairs, 35+ cryptocurrencies, 10+ stock indices, and 10+ commodities. They offer a copy trading feature and margin trading with a leverage of up to 1:1000 on CFDs such as Forex, and 1:100 on cryptocurrencies.  

Our PrimeXBT review will discuss in detail the broker’s account types, trading platforms, fees, deposits and withdrawals, and customer support. We’ll also share what clients think about signing up with the broker on platforms like Reddit, Quora, Trustpilot, etc. Let’s get started!

Pros and Cons of PrimeXBT

Pros

• Leveraged Trading: With PrimeXBT, clients can take much larger trading positions than what would normally be possible with their regular account balance. Furthermore, it creates the possibility of making a profit from upward and downward market movement. This exchange allows users leverage of up to 1:100 on BTC, ETH and altcoins. 
• Excellent Charting Tools: There are hundreds of indicators and charting tools available to users of this exchange. Customers can perform their technical analysis with ease by accessing any of these advanced features.
• Intuitive User Interface: PrimeXBT has a proprietary trading app which presents a straightforward and beginner-friendly user interface. Clients can easily navigate between tabs, find various features, and place orders. 

Cons

• Limited Number of Cryptocurrencies: Our Prime XBT review observed that they offer just 35+ cryptocurrencies. Compared to other exchanges, this number is minimal. Clients who wish to invest in a wide range of stablecoins and meme coins may not find many options on this exchange.
• Not Available to US Residents: Unfortunately, currently, you cannot buy crypto in the USA from Prime XBT. The exchange also does not currently accept customers from the United States, Canada, Japan, and Korea.
• No Dedicated Call Line: Although they have a support email and various social media channels, customers will not be able to speak directly with a customer service representative via telephone.

Regulations, Offices and Supported Countries

Below, we list all the regulatory bodies affiliated with this broker, their office addresses and all the countries they support.

Regulations

At the moment, the company is not regulated by any financial or investment regulatory authority. They have two entities, Prime XBT Trading LLC and Prime Technology Limited. The former is registered in St. Vincent with the number 222LLC2019, while the latter is registered in Seychelles with company number 217308.

Offices

PrimeXBT exchange has two office locations which are listed in the table below:

Supported Countries

PrimeXBT exchange is available to clients in various continents. However, they do not provide services to residents of the United States, Canada, Cuba, Japan, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, the United States Minor Outlying Islands, American Samoa, the Russian Federation, Israel, and St. Vincent and the Grenadines. In the table below, we list the countries supported by this exchange.

Available Coins

There are 35+ cryptocurrencies available on this exchange. You can buy Bitcoin (BTC), buy Ethereum, Solana, and meme coins such as Dogecoin. Below, we list all available crypto assets and their symbols.

Crypto Crosses on PrimeXBT

Traders who own live accounts on PrimeXBT exchange will be able to trade their cryptocurrencies against USD. Also, a few selected coins can be traded against BTC. Unfortunately, customers cannot trade against non-USD fiat currencies, stablecoins, or commodities such as gold or silver. 

Crypto-To-Crypto and USD Crosses

In the table below, we outline the crypto-to-crypto and crypto-to-USD crosses available on this exchange. 

Crypto to FX Crosses

Unfortunately, there are no crypto-to-FX crosses listed by PrimeXBT exchange. 

Trading Fees

PrimeXBT earns most of its revenue from the spreads on its listed assets. However, they also charge a commission on trading cryptocurrencies. This section of our PrimeXBT review will explain the trading fees incurred by clients when dealing with the broker.  

Spreads

PrimeXBT spreads are relatively low. However, spreads can widen during periods of high volatility or low liquidity, which can increase the cost of trading.

Commission

When a trader opens or closes a position, they are subject to a trading fee, the size of which varies with the nature of the trade. For cryptocurrency trades, this exchange charges a fee of 0.05%. However, other instruments such as indices and forex, do not attract a commission.

Rollover Rate/ Swap Fees

This broker also has a rollover or swap fee. This charge is incurred by clients who hold open positions overnight. However, the specific amount may vary depending on the instrument traded.

Trading Platforms

Trader’s who create an account on PrimeXBT will have access to the broker’s proprietary trading platform, which can be used on native desktop browsers or downloaded from the Apple App Store or Google Play Store. However, they are not compatible with the popular MT4 or MT5 platform or cTrader. Here, we explore the features of their exclusive trading apps for desktop and mobile. We also outline the account opening process on both devices. 

PrimeXBT Desktop Trading Platform

Clients who wish to trade  on their desktop can do so by accessing this exchange’s web application on their native browser. Below, we review some of the features of the desktop platform.

Design

The PrimeXBT trading platform has a modern, user-friendly design and is easy to navigate.

Market Watch

The platform features a market watch that allows users to monitor the latest market movements and trends.

Trading Tools

It also offers a range of trading tools and charting options to help users make informed trading decisions. Some of the features that clients will have access to include trading signals, indicators, and charting tools.

Analysis

The Analysis tab offers a comprehensive charting interface powered by TradingView, giving you integrated access to various analysis tools.

Order Types

PrimeXBT offers a variety of order types, including market orders, limit orders, stop orders, and more.

PrimeXBT Crypto Ecosystem

This section of the PrimeXBT review focuses on the features and tools listed by this exchange on its website. A quick look at the website shows users several tabs, including Products, About, Refer and Earn, and Markets. We discuss each of these tabs below.

Products

The products tab displays all the available trading options for users of PrimeXBT exchange. It includes sections such as Margin trading, Copy trading, Trading contests, and Academy. Clients who wish to start trading can begin by clicking this tab.

About Us

This segment displays all the essential information about the exchange. Here you can find the Help Center and Blog. You will also be able to view PrimeXBT fees and conditions and access the trading community.

Refer and Earn

Refer and earn redirects you to this exchange’s affiliate program where you can receive up to 70% profit share and earn as much as $1,200 per client. 

Markets

The Markets tab outlines all the available assets offered by PrimeXBT. Here you can choose from a number of listed instruments, including cryptocurrencies, commodities, and stock indices or view all trading instruments.

How to Open a User Account on PrimeXBT Desktop Trading Platform

Here’s a step-by-step guide to opening an account with PrimeXBT on the desktop trading platform:

1. Visit the PrimeXBT website at https://primexbt.com/ and click the “Sign Up” button in the page’s top right corner.
2. Fill in the registration form with your email address and password, and choose your preferred trading account currency. Then click the “Sign Up” button to receive a verification mail.
3. Log in to the PrimeXBT platform using your email address and password.
4. Complete your profile information, including your full name, address, and contact information.
5. To ensure the security of your account and comply with regulatory requirements, you may be required to verify your identity by providing additional information and documents.
6. Before you can begin placing orders, you will need to deposit funds into your Standard Account. PrimeXBT offers several deposit methods, including cryptocurrencies.

PrimeXBT App

PrimeXBT offers a mobile app to allow for trading with ease and convenience. The mobile trading platform is available to iOS and Android users. Here are the features of the mobile app.

Design

The PrimeXBT mobile app is designed to be user-friendly and easy to navigate. The app features a clean and modern interface that is simple to use, even for traders who are new to the platform.

Real-Time Price Data

The app provides real-time price data for various markets, including cryptocurrencies, forex, commodities, etc.

Charting

The app features an advanced charting interface that provides traders with various technical indicators and charting tools.

Market News

The app includes real-time market news and analysis to help traders stay informed and make informed trading decisions.

Trading Signals

The app provides trading signals and other tools to help traders make informed trades based on market trends and other factors.

Order Placement

The app makes it easy to execute trades with a simple and intuitive order placement process.

Trading History

The app provides a complete trading history, allowing traders to track their performance and monitor their portfolios.

How to Open a User Account on PrimeXBT Mobile App

To open an account with PrimeXBT on the mobile trading app, you can follow these steps:

1. Download the PrimeXBT mobile trading app from the Apple App Store or the Google Play Store.
2. Once the app is installed, open it and click the “Sign Up” button.
3. Enter your name, email address, password, and any other personal details requested.
4. Check your email for a verification message from PrimeXBT and follow the instructions to confirm your email address.
5. The broker may require additional information to verify your identity, including a government-issued ID and proof of address. Follow the instructions in the app to upload the necessary documentation.
6. Once your account is verified, you can make a deposit using one of the available payment methods such as cryptocurrency.

Payment Methods

Unlike other brokerage firms, PrimeXBT doesn’t support direct payments from numerous payment resources, such as debit cards, credit cards, wire transfers, e-wallets, etc. Let’s review the available options below. 

Deposit

You can add funds to your account by purchasing crypto directly or via third-party services, such as Coinify, Xanpool, CEX Direct, or Paxful, which allow you to buy these coins with your bank card and have them added to your Prime XBT wallet. Unfortunately, direct funding via a debit card or credit card is not available on this exchange. There is no minimum deposit amount and clients can deposit any amount provided it covers the required margin for their trades. Below, we outline the various payment methods available with this exchange and their average processing times.

How to Deposit Crypto Assets into PrimeXBT

1. Log into your Prime XBT account.
2. Select “Deposit” from the homepage.
3. Choose your preferred deposit type from the listed cryptocurrency options.
4. Copy your personal wallet address and paste it in the required field in the wallet service that you are sending from.

How to Deposit USD into PrimeXBT

Prime XBT does not allow direct USD deposits. Customers can only fund their account with BTC, ETH, COV or stable coins linked to the US dollar such as USDT or USDC. Furthermore, in addition to direct crypto deposits, this exchange permits customers to purchase Bitcoin and cryptocurrencies with bank cards and have these coins credited to their trading accounts. The process for doing this is listed below.

1. On the right side of the wallets tab on your homepage, choose deposit for your preferred cryptocurrency option.
2. Select “Bank Card” from the options provided and click on “Buy Crypto”.
3. Choose the cryptocurrency you wish to purchase and select your payment method.
4. Indicate how much crypto you wish to purchase and click on “Buy Now”.

Withdrawal

Clients can only withdraw their profits to their crypto wallet. Accounts that have been verified have no withdrawal limitations. However, unverified accounts will experience a 24-hour daily limit of $20,000. Furthermore, all fund retrieval requests are processed within 24 hours, provided they are done before 12:00 UTC. All withdrawals from PrimeXBT are subject to a fee in the corresponding currency. The fee for BTC and ETH is a flat fee, with 0.0005 BTC and 0.002 ETH, respectively.  Finally, for USDT, COV, and USDC withdrawals, charges may fluctuate depending on the network used by the client. 

How to Withdraw Cryptocurrencies from PrimeXBT

1. Open the Wallets tab and select the withdraw option beside your preferred cryptocurrency that you wish to take out.
2. Click on Add New to insert a wallet address.
3. Enter your wallet address and any additional comment (if required).
4. Specify how much crypto you wish to withdraw and select “Submit to withdraw”.

Education

PrimeXBT offers a range of resources to help traders stay informed and improve their skills. The company provides up-to-date market news and analysis to help traders make informed decisions and stay ahead of market developments. In addition, they offer a range of trading guides and tutorials covering topics such as market analysis, risk management, and trading strategies.

Traders can also use a variety of trading calculators, including profit and loss calculator, position size calculator, and margin calculator, to determine the potential impact of their trades. To further support traders’ learning and growth, PrimeXBT offers live webinars and events where traders can gain new insights and network with other traders. The exchange also has a training academy with several expert-taught videos on essential concepts for new and experienced traders. This academy covers topics around trading, blockchain technology, and cryptocurrency. 

The broker also has a social trading platform, which allows traders to connect with others and follow their strategies. This can be a valuable resource for traders who are looking to improve their skills and gain new insights into the markets. In short, PrimeXBT provides a comprehensive suite of resources to help traders succeed in their trading endeavours.

Customer Support

The exchange provides support through various channels, including email, live chat, and a support ticket system. This allows traders to get in touch with the customer support team in the most convenient way. To contact their customer service agents via email, you can send a message to support@help.primexbt.com. 

The company also provides support in several languages, including English, Spanish, Russian, and Chinese, among others. This makes it easier for traders worldwide to get the support they need. Furthermore, clients can also file their complaints and receive assistance by sending a direct message to any of their social media pages. PrimeXBT has official accounts on Twitter,  Facebook, Telegram, Reddit, WellFound and Discord.

Reviews

In this section of our PrimeXBT review, we let you in on what users of this exchange have to say about its services on Reddit and Quora. Below, we provide you with summarised users’ opinions about this exchange on these social platforms.

What are people saying about PrimeXBT on Reddit?

Reddit users hold a mix of opinions about PrimeXBT, as is the case with most platforms and products. Some users praise the platform for its user-friendly interface, low spreads, and range of assets available for trading. They also appreciate its focus on security and the advanced trading tools it offers. 

However, some users have expressed concerns about the exchange. Some have reported issues with account verification and withdrawals, while others have complained about the platform’s business model and its regulatory compliance.

What are people saying about PrimeXBT on Quora?

The Quora community also seems divided about signing up with PrimeXBT. Some users have had positive experiences with the platform and praise it for its range of assets available for trading. Others have raised concerns about the platform’s reliability. While providing answers to a member’s query about which one is better between Bitmax and PrimeXBT, some preferred PrimeXBT, while others seemed more inclined to open an account with Bitmax.

Is PrimeXBT Safe?

Speaking of PrimeXBT safety, the broker is incorporated in St. Vincent and the Grenadines. It is not required to hold any financial services authorization to offer its product and services in the region. 

In order to protect traders’ assets and personal information, PrimeXBT implements several security measures, such as encryption of sensitive information, two-factor authentication for account access, and secure storage of assets. The company keeps most crypto assets in cold storage, a secure offline environment. The exchange also has an insurance fund designed to protect clients’ funds in the event of market volatility or other unusual events.

PrimeXBT vs Coinbase Pro

PrimeXBT and Coinbase Pro are two well-known financial and investment service providers. They offer clients the option of investing in a wide range of assets, including cryptocurrency. Below, we compare these exchanges to help you make a better informed decision on who to choose. 

Nature of Exchange

Here in our PrimeXBT review, we take a closer look at the nature of the exchange by discussing the available trading options, ease of use, leverage, and fees.

What can you trade

Compared to Coinbase Pro, Prime XBT has a limited number of cryptocurrency options. They do not offer trades against other fiat currencies except the USD and do not list tokenized versions of coins linked to these other fiat currencies. 

On the other hand, Coinbase Pro supports USD, GBP, and EUR trades against their available coins and provides customers with a wider range of crypto-to-crypto and fiat-to-crypto crosses. 

Ease of use

Both PrimeXBT and Coinbase Pro have a relatively fast and straightforward account opening process. Also, both trading platforms are very intuitive and beginner-friendly. 

Leverage

Crypto traders who wish to enjoy margin trading can only do so with Prime XBT as Coinbase Pro no longer supports this feature. Coinbase Pro runs on a 1:1 leverage structure while PrimeXBT allows users leverage of up to 1:100 on its listed cryptocurrencies.

Fees

Coinbase Pro runs a taker-maker financial model. Clients whose orders are filled immediately are charged between 0.05% and 0.60%, depending on the value of their order. However, for orders that get filled later, the fee may range between 0.00% and 0.40%.

Prime XBT has a fixed commission fee for all crypto trades on its platform. Users of this exchange will be charged 0.05% on each trade.

Security

Both companies provide their clients with state-of-the-art protection to ensure the safety of their funds and personal information. They incorporate two-factor authentication (2FA) for added security and SSL-encryption. However, Coinbase Pro also has additional features such as Lock My Account and a machine learning model that evaluates your trading patterns and allows you to cancel transactions that don’t look right before they are sent to the blockchain.

Client Deposit Protection

Prime XBT and Coinbase Pro store the majority of their cryptocurrency in cold wallets and retain only a small fraction in hot wallets for maintaining liquidity on their platforms. Also, PrimeXBT ensures that all transfers between cold and hot wallets are handled manually and require approvals from multiple employees. Unfortunately, crypto assets are not insured by the FDIC. So, clients of both exchanges will not enjoy FDIC protection for losses incurred. 

Customer Service

Customer service is one of the  standout features of both exchanges. They offer a detailed help centre on their website and the option of reaching out via email or social media channels. Also, Coinbase Pro provides a live messaging option for fast responses. 

Other Products and Services

In addition to the services we mentioned above, this exchange also provides other products that customers will find beneficial. In continuation of our PrimeXBT review, we discuss some of these exclusive programs and highlight their potential benefits. 

PrimeXBT Rewards and Promos

The exchange offers various promotions and rewards to its traders. These promotions include cash bonuses, trading contests, and other incentives. The details of each promotion and reward program may vary, and it’s important to check the terms and conditions of each offer to understand the requirements and restrictions.

Covesting Modules

Covesting is a feature offered by PrimeXBT that allows traders to copy the trades of successful traders. Traders can browse a list of top-performing traders and choose to follow their trades. The Covesting feature provides a unique way for traders to access the expertise of successful traders and profit from their experience.

Yield Accounts

A Yield Account is a type of account offered by PrimeXBT that allows traders to earn passive income. Yield Accounts enable traders to earn interest on their idle cryptocurrency assets. The interest rate and terms of each Yield Account may vary, and it’s important to check the details before opening a Yield Account.

Bottom Line

Our PrimeXBT review shows that the exchange is a competitive choice to trade cryptocurrencies, commodities, indices and forex. Thanks to its intuitive interface and suite of cutting-edge trading tools, the platform is designed with both novice and seasoned traders in mind. 

While the website supports seamless trading conditions, risk management tools make trading your favourite financial markets safe and secure. Moreover, the platform places a premium on security, with state-of-the-art safeguards like cold storage and two-factor authentication in place to avoid unwanted intrusion. Traders choose the platform due to its intuitive design, dedication to safety, and abundance of tools. However, the lack of regulations can be a concern for risk-averse traders.